What is Siacoin?

Siacoin is a cloud data storage service similar to something like Google Drive, but also much different. Why is it different, because it is totally decentralized and private storage, also it is extremely cheap compared to the other competitors.

What is Siacoin?

SiaCoin (SC), the cryptocurrency usable in Sia Network. SC is a distributed cloud storage platform, ultimately liberating unused storage space. Anyone can rent out extra space on their PC to the Sia decentralized network and get paid in Siacoin. Similarly, any user who wants to use Sia storage needs to pay Siacoins to a host.

Sia was created by David Vorick and Luke Champine of Nebulous Inc, a VC-funded startup in Boston.The idea of Sia was originally conceived at HackMIT 2013.

The distributed nature of the Sia network enables many optimizations in latency, throughput, reliability, and security.

Data files on the Sia network are securely and automatically encrypted with industrial-grade algorithms, using blockchain technology to track and ensure full integrity of the network. The encrypted files are spread across multiple nodes. Nodes are simply referred to data communication equipment.

The decentralized nature of the Sia network enables anyone with storage to get paid, lowering the barrier to entry and reducing the overall price of cloud storage. Their technology could be backing the next Dropbox or Amazon AWS. Siacoin’s blockchain technology could be the solution to the high hosting and storage costs of Amazon and Dropbox.

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[…] SiaCoin (SC), the cryptocurrency usable in Sia Network. SC is a distributed cloud storage platform, ultimately liberating unused storage space. Anyone can rent out extra space on their PC to the Sia decentralized network and get paid in Siacoin. Similarly, any user who wants to use Sia storage needs to pay Siacoins to a host. […]

[…] SiaCoin (SC), the cryptocurrency usable in Sia Network. SC is a distributed cloud storage platform, ultimately liberating unused storage space. Anyone can rent out extra space on their PC to the Sia decentralized network and get paid in Siacoin. Similarly, any user who wants to use Sia storage needs to pay Siacoins to a host. […]